Skip to comments.Treasury: We won’t mint a trillion dollar platinum coin to sidestep the debt ceiling
Posted on 01/12/2013 7:18:25 PM PST by SeekAndFind
The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.
Thats the bottom line of the statement that Anthony Coley, a spokesman for the Treasury Department, gave me today. Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit, he said.
The inclusion of the Federal Reserve is significant. For the platinum coin idea to work, the Federal Reserve would have to treat it as a legal way for the Treasury Department to create currency. If they dont believe its legal and would not credit the Treasury Departments deposit, the platinum coin would be worthless.
(Excerpt) Read more at washingtonpost.com ...
Heh, as if any sane person would even think to do that!
What they meant was “Of course we will mint several 100 trillion dollar coins, though.”
whats to stop them from changing their mind and minting two $500 billion coins instead?
I sorta like the idea. Obama is already borrowing almost half the money he spends. Why not mint bogus coins to pay for the whole thng? We could then completely eliminate ALL taxes. /s
He would still have to tax the rich. Taxes are for punishment and social control, not for revenue. < /no longer sarcasm in this insane government>
Okay, they would only be half insane...Okay?
it’s still insane any way its done
Heh...of course! Too bad that does not stop this Administration!
I thought it was a funny CT though.
If someone would produce fake trillion dollar coins, I would like to have some as a momento of this insanity period... If they were cheap enough, they would make good handouts for my liberal friends :)
I just bought a bunch of multi-billion or trillion dollar Zimbabwe bills on Ebay and gave them out along with a short history lesson.
We get closer to being Zimbabwe every day.
The trillion dollar coin would not replace taxes, it would BE a tax of the worst kind, the inflation tax and would affect the poorest the worst.
Will they sign that with a bunch of loopy zeros?
I do believe that it is legal for the treasury to produce a denomination of $1T coin. Congress can order coins to be made rather than paper money that is run by the FED reserve. It is the second and third order effects that are terrible.
1. if issued how are you going to get change for buying a stick of gum with it (sarcastic but true). Such a coin needs to have the full faith and credit of the US behind such a coin.
2. Our credit rating would be come junk bonds over immediately if we did that.
3. Look at the other nations with hyperinflation printing with 100,000,000 denomination value notes (the the Deutsche Mark for one) that cannot buy a loaf of bread. such a coin would make that scenario more likely
Too many issues for my liking.
Just curious, what happens if someone were to STEAL the coin? Would that make him the richest man in the world? Or would he be UNABLE to even use it anywhere?
Maybe he could carry on the *Ship of Fools*.
Hyper-inflation, which would be the ultimate result of this, is a tax, if by a different name. Money printing transfers wealth from savers to government expenditure.
Good question - it would render the Congress totally impotent in all things fiscal and tap some of the last nails into the Nation's coffin. I can't think of a single reason whey the Left won't continue to pursue it and why the Right won't have a ready-made cave in the wings.
We really have gone down the rabbit hole. They are trying to fool with how people perceive reality so that they can be more easily controlled. If I didn’t know better I would think that I was merely in the middle of an odd dream and will shortly wake up. Am I?